Intel, Yahoo, IBM, Wells Fargo in the spotlight

WEDNESDAY MORNING’S TOP STORIES

Premarket movers

U.S. stock index futures pointed to strong gains for Wall Street on Wednesday, with investors feeling upbeat on solid earnings results from the technology sector, while oil and gold prices continued to climb and the dollar lost ground. Read Indications column on U.S. stock index futures.

Global markets

European stocks posted big gains Wednesday, with technology companies leading the way after strong earnings from U.S. chip giant Intel Corp. Read Europe Markets.

Most Asian markets posted solid gains, with support tied to strong U.S. tech earnings, while a further rise in commodity prices boosted resource stocks. Read Asia Markets.

Breaking news

Intel
INTC, -0.82%
shares saw strong gains in premarket activity, a day after the company reported a stronger-than-expected 29% increase in first-quarter earnings and said second-quarter results would also be strong. Revenues rose 25% to $12.85 billion.

Yahoo Inc.
YHOO
shares were also moving higher ahead of the opening bell after the Internet giant said late Tuesday reported a smaller-than-expected decline in first-quarter profit. The company earned $223 million, or 17 cents a share, down from $310.2 million, or 22 cents, in the same period a year ago, while revenues declined 6% to $1.06 billion.

International Business Machines Corp.
IBM, -0.77%
saw shares lose ground in premarket action. Big Blue said after Tuesday’s closing bell that it had posted first-quarter profit of $2.9 billion, or $2.31 a share, on revenue of $24.6 billion. A year ago, it earned $2.6 billion, or $1.97 a share, on $22.9 billion in sales. Excluding one-time items, operating earnings were $2.41 a share.

Shares of EMC Corp.
EMC, +0.00%
gained ground ahead of the bell after it reported Wednesday first-quarter earnings that rose 28% on stronger-than-expected revenue growth, particularly from expanding international markets.

Diversified manufacturers Eaton Corp.
ETN, -0.18%
said first-quarter earnings rose 83%, topping estimates on stronger-than-expected sales in its electrical, hydraulics and truck markets. The company also raised its full-year earnings estimate by 15 cents a share, to $3.70 to $4 a share before acquisition costs, and forecast second-quarter earnings of 90 to 96 cents a share.

AT&T Inc.
T, -1.25%
said first-quarter profit rose 39% on growth in wireless service and data revenue, boosting the blue chip’s shares in premarket trade. The company reported profit of $3.41 billion, or 57 cents a share, up from $2.45 billion, or 41 cents, earned in the same period a year earlier. Revenue rose 2.3% to $31.25 billion.

Nasdaq OMX Group
NDAQ, +0.41%
said first-quarter net income rose 70% on 15% growth in net revenue. Earnings were $104 million, or 57 cents a share, up from $61 million, or 28 cents, in the same period a year ago. Adjusted profit was 61 cents a share, while net revenue rose to $415 million from $360 million. The FactSet-derived consensus had been for a profit of 61 cents on $409.7 million of revenue.

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